There are many different reasons why purchasing a titled lot is a worthwhile investment. There are plenty of factors to consider when looking at prospective buying property. While buying property can be intimidating, ensuring you understand your needs and have your financials in order and keeping an open mind about where you might want to set up shop makes the process much easier. Here are five reasons why you should consider buying a titled lot.
1. Title Speeds Up Selling Time
A titled lot will usually sell faster than a non-titled lot. Therefore, if you’re planning on building a new home, you can consider a titled lot over a non-titled one. When buying property, many are hesitant to purchase untitled lots because of uncertainties that may revolve around proof of ownership and legal issues regarding land titles.
According to statistics from several real estate agencies, a titled lot sells an average of 15 days faster than an untitled one. That means that choosing a titled lot instead of an untitled one could save you time and money while also allowing you to avoid hassles down the road. If you’re looking for a quick sale, then buying a titled lot is your best bet.
2. A Titled Lot Can Help Increase the Value of Your Home
A lot title is one of the most critical factors that affect future property value. The legal record of who owns what and how much they own is vital in any real estate transaction, especially for titled lots. An untitled lot may not be worth as much as one with a clear title, even if both lots are identical in size and location, simply because of the uncertainty surrounding ownership of an untitled lot.
A title search can help you determine whether there are any outstanding issues with your property’s title, such as liens or easements on neighbouring properties, which could impact your ability to sell your land in the future. Titled lots will protect the value of your investment. You can find quality titled land lots in Wallan at an affordable rate.
3. Makes it Easier to Find Lenders and Appraisers
Most banks won’t work with buyers who don’t have clear titles to their property. In addition, appraisers need to know who owns what they are valuing to determine its value. You need a clean title on your lot to streamline both these processes. It will make it easier for appraisers and lenders to do their jobs and lower your chances of facing costly delays. That can be especially helpful if you want to build an estate or custom home.
Without a clean title, your project could get bogged down in legal proceedings that may hold up construction indefinitely—or worse yet, leave you unable to move forward. If you ever need financing against your land, a titled property will come in handy. Lenders like to see lots free from liens or encumbrances, so having a clear title helps them feel more confident about giving you money.
4. It’s a Safer Investment
Land transactions are usually subject to risk—namely fraud and title defects. For example, you could lose your investment if you buy property from someone who doesn’t own it or if there is some defect in your title, like an unpaid lien. So it’s essential to know how to protect yourself and your assets when buying land. When you buy a titled lot without any encumbrances, you can be sure that your title will be free and clear. And if you want to sell your property in the future, a titled lot makes cashing out easier for you and your family.
Whether you want to subdivide your land into smaller lots, build on it, rent it out as an income property, or whatever else you might have in mind down the line—having a clean title means you won’t have to go through any red tape before transferring ownership. That way, it helps keep things simple by avoiding potential confusion over who owns what portion of your property. If multiple people own a piece of real estate together, things can get complicated fast.
Conclusion
Land transactions can have emotional and sentimental value, so it’s essential to make sure that you buy land that will help you reap all its potential benefits. If you are looking for an investment opportunity or want to build your dream home, consider purchasing a titled lot. Proper research and planning can make buying titled lots can beaffordable and rewarding. Many people find comfort in knowing they own their lot outright. However, it’s crucial to work with a reliable real estate property company that understands your needs to help you through every transaction step and ensure you make a valid and fair transaction.
